Coatue's $4.75 billion Anthropic stake is marked at $7.5 billion

Coatue's $4.75 billion of Anthropic stock is worth roughly $7.5 billion at the AI lab's last funding price, TechCrunch reported on Oct. 23, citing a person familiar with the matter.

The markup rests on a $965 billion private valuation, TechCrunch reported. The listing is expected this year at a valuation of as much as $2 trillion. The article, citing Bloomberg for the backer-by-backer figures, puts numbers on holdings that have not been sold.

For a client owning Anthropic through a feeder fund, a fund-of-funds or a secondary purchase, the reported value depends on which round's price the position is carried at. Eric Schmidt's entry came in the 2021 Series A at a $461 million valuation, according to PitchBook data cited by TechCrunch; Sequoia's first check went in earlier this year at $380 billion. Both are now measured against the same last-round mark, so a vehicle's entry vintage matters as much as the headline valuation.

Spark Capital is the only venture firm known to hold a board seat at Anthropic, according to TechCrunch. Its $75 million in the 2023 Series C, at a $5 billion valuation, has grown more than ninetyfold to $7 billion. Sound Ventures put in $35 million in that same round and has added $400 million since; TechCrunch describes the resulting stake as worth billions without giving a figure.

Board seats and the information rights that come with them sit with the fund, not with anyone who buys into it through a feeder. Until a listing prices, every figure in the Oct. 23 report is a mark at the last round, not a price anyone has been paid. The listing TechCrunch says is expected this year is the next check against these marks.